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APG Asset Management

PRI reporting framework 2018

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Pre-investment (selection)

PR 04. Incorporating ESG issues when selecting investments

New selection options have been added to this indicator. Please review your prefilled responses carefully.

04.1. Indicate if your organisation typically incorporates ESG issues when selecting property investments.

04.2. Provide a description of your organisation's approach to incorporating ESG issues in property investment selection.

At the outset of any new investment, APG ensures that ESG policies and performance are assessed and reviewed. All new unlisted investments are asked to fill out the annual GRESB survey and the responses are considered in detail by the Responsible Investment & Governance specialist. These results are then summarised in the mandatory and independent GRIG (Global Responsible Investment & Governance team) signoffs presented to the global Committee for Investment Proposals (CIP) prior to investment. If a manager has not participated yet, they will be required to complete a questionnaire based on GRESB as part of the Due Diligence process. In certain cases, depending on the market, nature of investment and intended level of ownership, the RI&G specialist may engage directly with management of the investment, visit sites, and incorporate views from those interaction in the signoffs.

04.3. Indicate which E, S and/or G issues are typically considered by your organisation in the property investment selection process, and list up to three examples per issue.

ESG issues

Description [OPTIONAL]

          
        

Description [OPTIONAL]

          
        

Description [OPTIONAL]

          
        

Description [OPTIONAL]

          Safety performance is an item for concern during construction. Also the GRESB assessment includes a separate Health and Wellbeing module.
        

Description [OPTIONAL]

          Occupier satisfaction is an important indicator of the long term success of property manager, we expect property managers to continuously assess the occupier satisfaction and aim to improve it. Part of GRESB questionnaire.
        

Description [OPTIONAL]

          The ability of the manager to manage country specific risks in countries where ESG risks are perceived to be high or increasing
        

Description [OPTIONAL]

          Board independence, composition and effectiveness.
        

Description [OPTIONAL]

          Manager should demonstrate a strong commitment, processes and track record concerning the management of ESG.
        

Description [OPTIONAL]

          Sufficient control for APG matching with our holding in the investment.
        

04.4. Additional information. [Optional]


PR 05. Types of ESG information considered in investment selection

New selection options have been added to this indicator. Please review your prefilled responses carefully.

05.1. Indicate what type of ESG information your organisation typically considers during your property investment selection process.

          GRESB
        

05.2. Provide a brief description of how this ESG information was incorporated into your investment selection process.


PR 06. ESG issues impact in selection process

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Indicate if ESG issues impacted your property investment selection process during the reporting year.

06.2. Indicate how ESG issues impacted your property investment deal structuring processes during the reporting year.

06.3. Additional information.

Participation of the investment in the annual GRESB-survey for the full holding period of our investment is mandatory and is included in the legal documentation. To the extent that the investment does not achieve a 4 or 5 star GRESB rating, the manager agrees to work in good faith with APG to identify and to implement agreed upon strategies designed to improve the future performance within the GRESB benchmark and achieve a 4 or 5 star rating within a period of [3] years.


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